Do what's right for you. Nobody else has to repay the loans. Maybe if you termed €10k of the €20k from Govt as a deposit rather than a handout the CU might have viewed it differently. I guess they're justified in considering why a viable business has nothing to contribute from it's own sources.
For me, €121/week probably equates to 15+% of my takings. Bolt/Free now already get 13/15% of most of it anyway. Breaking it down to €17/day is more concerning as it's based on 7 days a week, 365.25 days/year. There's months I wouldn't work 7 days, never mind weeks!
Us taximen used to have a saying - "Look after your car...". My car is meticulously maintained and barely run in! In fact, the cheapest comparable model (2016, 1.6, DSG, 243k, 2 owners) currently on Cars Ireland (
https://www.carsireland.ie/3813092?journey=Search ) is stickered up at €12,000. That's where the real problem lies i.e. the ridiculous prices attached to used cars in current market conditions. Hence a new EV at this juncture would cost me at least €10,000 on top of the €121/week you're paying on account of running your last car into the ground. If they'd give me the €10,000 for the MKII I'd probably take it... even though it's back in showroom condition with it's new clutch and once new gearbox!
However, all other things being equal, I don't need to replace my car until 2026. Again, all other things being equal, I'll reassess the numbers then and see what makes most sense to me at that juncture. One thing I have concluded is that I'll be paying somewhat more than the €11,995 I paid for my current car. I'm kinda budgeting for in or around twice that figure.